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American Tops Fund Sales Again

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Nov. 2, 2004 — As it has been throughout the year, American Funds was the best selling fund complex in September, and its Growth Fund of America/A (AGTHX) was the top seller among individual funds, according to Financial Research Corp.

Among the 25 largest U.S. fund companies, American took in $6.1 billion in assets during the month, and its Growth Fund of America attracted an estimated $1.3 billion, the Boston-based fund tracker said.

Overall, mutual funds and exchange-traded funds that invest in domestic stocks saw inflows of $11.4 billion, and international stock funds and ETFs took in $7.5 billion.

Bond funds and ETFs netted about $2.6 billion, FRC said. Corporate bond funds took in approximately $3.6 billion, but assets in government bond funds fell by $793 million, and funds that invest in municipal bonds lost $141 million.

Among fund companies, American was trailed in September by Vanguard Group, the second-largest domestic fund company, which took in $4.5 billion. Barclays Global Investors, a major player in the ETF field, followed with inflows of $2.9 billion.

A State Street Global Advisors ETF, S&P Dep Receipts (SPY), was the second-best selling fund, netting about $1.1 billion in new money. Another of American’s funds, American Balanced Fund/A (ABALX), took third place with inflows of $997 million.

Contact Bob Keane with questions or comments at: [email protected].